Glossary

Account Information Service

An Account Information Service (AIS) is a service to provide consolidated information by an Account Information Service Provider on one or more payment accounts held by a Payment Service User with one or more Payment Account Service Providers, based on a consent provided by that Payment Service User.

Account Information Service Provider

An Account Information Service Provider (AISP) is a Payment Service Provider which provides Account Information Services.

Application Programming Interface

An Application Programming Interface (API) is one of the mechanisms for two or more software components to communicate with each other.

Financial Sector Development Program

The Financial Sector Development Program (FSDP) is one of the programs of Vision 2030. The program aims to develop a diversified and effective financial sector to support the development of the national economy, diversify its sources of income, and stimulate saving, finances, and investments.

Letter of Guarantee

A Letter of Guarantee (LG) is a type of agreement that is issued by a Payment Account Service Provider (PASP) on behalf of its Payment Service User to guarantee the payment to another Payment Service User.

Open Banking

Open Banking (OB) is a banking practice to enable a Payment Service User of a Payment Account Service Provider to securely allow access to specific payment account data and payment services to a Third Party Provider, which in turn provides new and innovative financial services and products for the Payment Service User.

Payment Account Service Provider

A Payment Account Service Provider (PASP) is a Payment Service Provider which provides and maintains a payment account for a Payment Service User, including licensed banks that provide and maintain payment accounts.

Payment Initiation Service

A Payment Initiation Service (PIS) is a service to initiate a payment service by a Payment Initiation Service Provider at the request of a Payment Service User on a payment account held by that Payment Service User at a Payment Account Service Provider, based on a consent provided by that Payment Service User.

Payment Initiation Service Provider

A Payment Initiation Service Provider (PISP) is a Payment Service Provider which provides Payment Initiation Services.

Payment Service Provider

A Payment Service Provider (PSP) is any entity licensed by SAMA to provide one or more payment services in the Kingdom.

Payment Service User

A Payment Service User (PSU) is any person who makes use of, or receives, one or more payment services in the capacity of payer, payee or both; and/or any person who makes use of the payment services of an Account Information Service Provider (AISP).

Saudi Central Bank

The Saudi Central Bank (SAMA).

Third Party Provider

A Third Party Provider (TPP) is an Open Banking term used to represent both an Account Information Service Provider (AISP) and a Payment Initiation Service Provider (PISP).